San Francisco, Sep 20 (IANS): Bitcoin has witnessed an extraordinary surge in transaction volume in the past week, logging over 700,000 transactions in a single day, a new data has shown.

According to the data presented by the analytics firm IntoTheBlock, the number of reported Bitcoin transactions increased to nearly 703,000, representing not only the highest number recorded in 2023, but also the highest transaction volume seen in nearly two years.

"Historic Milestone: Bitcoin processed a record-breaking 703K transactions on Friday," the firm posted on X.

Moreover, the network also saw an increase in the number of daily active addresses.

According to the data from Bitinforcharts, the number of daily active addresses reached a multi-month high on September 15, rising from 754,000 two years ago to a whopping 1.08 million.

A day earlier, Ethereum briefly crossed Bitcoin in terms of daily active addresses.

In April, Bitcoin trading volume sank by almost $700 billion, historically seen as one of the strongest months for Bitcoin and other cryptocurrencies, bringing the biggest average monthly returns.

Although Bitcoin topped over $30,400 on April 18, reaching the highest level since early June, its monthly gain was only 3 per cent, way down from 21 per cent in March and much less than gains usually seen in the fourth month of the year, according to data by BitcoinCasinos.com.

According to CoinMarketCap data, Bitcoin's monthly trading volume amounted to $492.9 billion in April, a massive 58 per cent less than almost $1.2 trillion seen a month before.